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Jana Small Finance Bank confirmed on Tuesday that its push to become a universal bank has been paused after the Reserve Bank of India (RBI) returned its application. The RBI's action, attributed to the non-fulfilment of criteria, was conveyed to the bank late Monday evening. Despite the setback, Managing Director and CEO remains optimistic. While acknowledging that the regulator did not detail the precise reasons for returning the June application, Kanwa highlighted a crucial distinction: "We have to keep in mind that this is a return and not a rejection." He added that the bank plans to "figure out what the answer really is" and rectify its submission to meet the RBI's expectations.
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